December 3, 2020

Cryptheory

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Privacycoins vs. State-Issued Digital Currencies

2 min read
Privacycoins vs. State-Issued Digital Currencies

The rise of digital technology, the Internet and artificial intelligence have given governments and multinationals a weapon to control our lives. In this case, can the state-issued digital currency (CBDC) take full control?

 

Eternal war for some privacy

 

There have been many scandals in the world where governments have followed their populations. Then cryptocurrencies appeared, offering each user privacy and anonymity transactions around the world.

 

Initially, governments laughed at the news and considered it a mere tool for drug dealers and illicit elements. But central banks and governments have slowly started to understand what blockchain and cryptocurrency technology are, and lately, the so-called state-issued digital currency (CBDC) has begun to speak more and more.

 

The greatest progress has been made by China, which is ready to release its own digital currency in the form of a digital yuan with the support of many technology companies. When the Chinese president called on the country to accelerate adoption of the blockchain at the end of last year, the country became a technology leader and cryptocurrencies grew all over the world.

 

It wasn’t long before the state-issued digital currency began to be spoken in the United States, the European Union or Russia.

 

Privacy coins

 

Privacycoins were created so that no one traced their origin. They are simply anonymous, decentralized and private. Regulators often follow these cryptocurrencies with their regulatory commands.

 

However, privacycoins are still in early development and will take some time to mature for mass adoption. These cryptocurrencies will become very popular when another scandal or injustice breaks free. This will be the moment when people realize the scarcity of privacy and freedom.

 

Summary

 

When people really want something, they ultimately win, no matter how much time and money the government spends on changing human nature. Privacy and freedom have been increasingly scarce lately, and cryptocurrencies, and especially privacycoins, offer these things.

 

 

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